US okays prisoner swap deal with Iran, to release $6 bln in frozen Iranian funds

The US cleared the way for $6 billion in oil proceeds to be returned to Iran and agreed to release five Iranians as part of a secretly negotiated deal that will clear the way for five American citizens detained in Iran to return home.

Secretary of State Antony Blinken notified Congress on Monday of a waiver that will let German, Irish, Qatari, South Korean and Swiss banks transfer the $6 billion from South Korea without fear of running afoul of US sanctions. He said the $6 billion would be held in restricted accounts in Qatar, where it will be "available only for humanitarian trade," according to a copy of the notification.

An Iranian government spokesman said earlier Monday that he expected the transfer of frozen funds to be completed in the "next few days." The letter to Congress didn't say when the prisoner exchange would take place.


Adrienne Watson, a spokeswoman for the White House National Security Council, said in a statement that "what is being pursued here is an arrangement wherein we secure the release of five wrongfully held Americans. This remains a sensitive and ongoing process. While this is a step in the process, no individuals have been or will be released into US custody this week." Bloomberg